1989 Ed.]
Commodities Trading
[CAP. 250
17
(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine of $10,000 and, in the case of a continuing offence, to a further fine of $100 for each day during which the offence continues. (Amended 54 of 1980 s. 5)
30. Registration of persons under this Part
(1) Subject to sections 31 and 32, the Commission shall, on application made to it by any person in the prescribed manner and on payment of the prescribed fee, register that person as-
(a) a dealer;
(b) a commodity trading adviser;
(c) a dealer's representative; or
(d) a commodity trading adviser's representative,
as the case may be.
(2) The Commission shall issue to a person registered under subsection (1) an appropriate certificate of registration which shall be subject to such conditions as the Commission thinks fit. (Replaced 10 of 1989 s. 65)
(3) A certificate of registration issued to a dealer or commodity trading adviser shall specify the name of the person thereby authorized to carry on a business as a dealer or commodity trading adviser, as the case may be.
(4) The issue of a certificate of registration to a person shall not authorize such person to carry on that business under any name other than that specified in the certificate.
(5) Notwithstanding subsection (4), if the Commission thinks fit, a certificate of registration to which that subsection relates may, at the request of the applicant for registration, authorize the applicant to carry on business as a dealer or commodity trading adviser, either alone or jointly with any other person who is a registered dealer or registered commodity trading adviser, as the case may be, under such name or style as the applicant may specify.
(6) This section shall be construed and have effect subject to sections 23, 25 and 27(1)(b) of the Securities and Futures Commission Ordinance (Cap.24). (Added 10 of 1989 s.65)
31. Deposits to be paid by dealers
(Amended 10 of 1989 s.65)
(1) Subject to subsection (2), the Commission shall refuse to register an applicant as a dealer under section 30, unless-
(a) in the case of an applicant (not being an applicant specified in paragraph (b)) who is an individual-
(i) he is a shareholder of the Exchange Company or member of any exchange specified in Schedule 2; and
(ii) he has paid to the Commission a deposit of $100,000 in cash;