1964_COMMODITIES_TRADING_ORDINANCE — Page 15

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CAP. 250]

Commodities Trading

[1989 Ed.

PART IV

REGISTRATION OF DEALERS, COMMODITY TRADING ADVISERS

AND REPRESENTATIVES

26. Dealers to be registered

(1) Subject to subsections (2), (3) and (4), no person, whether as principal or agent, shall--

(a) carry on a business of trading in commodity futures contracts; or

(b) hold himself out as carrying on such a business,

unless such person is registered as a dealer under this Ordinance.

(2) No corporation that is a dealer shall carry on business as a dealer unless every director or employee who is accredited to the corporation is registered as a dealer under this Ordinance.

(3) No firm that is a dealer shall carry on business as a dealer unless every partner or employee who is accredited to the firm is registered as a dealer under this Ordinance.

(4) Subsection (1) shall not apply to-

(a) a person who trades otherwise than as agent in commodity futures contracts only through a dealer registered under this Ordinance; (Amended 54 of 1980 s. 2)

(b) any trading in commodity futures contracts on a commodity exchange referred to in section 3(a), (b) or (c) of the Commodity Exchanges (Prohibition) Ordinance (Cap. 82); (Amended 54 of 1980 s. 2)

(c) a person who trades in commodity futures contracts on a commodity exchange which was in operation on 20 June 1973 as a member of such commodity exchange. (Added 54 of 1980 s. 2)

(5) Any person who contravenes this section shall be guilty of an offence and shall be liable-

(a) on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years and, in the case of a continuing offence, to a further fine of $10,000 for each day during which the offence continues; and

(b) on summary conviction to a fine of $50,000 and to imprisonment for 1 year and, in the case of a continuing offence, to a further fine of $1,000 for each day during which the offence continues. (Amended 54 of 1980 s. 2; 35 of 1982 s. 2)

(6) Any futures contract made by any person, whether as principal or agent, who is required to be registered under subsection (1) and who is not registered as so required, may be rescinded by any other party to the contract

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CAP. 250] Commodities Trading [1989 Ed. PART IV REGISTRATION OF DEALERS, COMMODITY TRADING ADVISERS AND REPRESENTATIVES 26. Dealers to be registered (1) Subject to subsections (2), (3) and (4), no person, whether as principal or agent, shall-- (a) carry on a business of trading in commodity futures contracts; or (b) hold himself out as carrying on such a business, unless such person is registered as a dealer under this Ordinance. (2) No corporation that is a dealer shall carry on business as a dealer unless every director or employee who is accredited to the corporation is registered as a dealer under this Ordinance. (3) No firm that is a dealer shall carry on business as a dealer unless every partner or employee who is accredited to the firm is registered as a dealer under this Ordinance. (4) Subsection (1) shall not apply to- (a) a person who trades otherwise than as agent in commodity futures contracts only through a dealer registered under this Ordinance; (Amended 54 of 1980 s. 2) (b) any trading in commodity futures contracts on a commodity exchange referred to in section 3(a), (b) or (c) of the Commodity Exchanges (Prohibition) Ordinance (Cap. 82); (Amended 54 of 1980 s. 2) (c) a person who trades in commodity futures contracts on a commodity exchange which was in operation on 20 June 1973 as a member of such commodity exchange. (Added 54 of 1980 s. 2) (5) Any person who contravenes this section shall be guilty of an offence and shall be liable- (a) on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years and, in the case of a continuing offence, to a further fine of $10,000 for each day during which the offence continues; and (b) on summary conviction to a fine of $50,000 and to imprisonment for 1 year and, in the case of a continuing offence, to a further fine of $1,000 for each day during which the offence continues. (Amended 54 of 1980 s. 2; 35 of 1982 s. 2) (6) Any futures contract made by any person, whether as principal or agent, who is required to be registered under subsection (1) and who is not registered as so required, may be rescinded by any other party to the contract Page 15

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14 CAP. 250] Commodities Trading [1989 Ed. PART IV REGISTRATION OF DEALERS, COMMODITY TRADING ADVISERS AND REPRESENTATIVES 26. Dealers to be registered (1) Subject to subsections (2), (3) and (4), no person, whether as principal or agent, shall-- (a) carry on a business of trading in commodity futures contracts; or (b) hold himself out as carrying on such a business, unless such person is registered as a dealer under this Ordinance. (2) No corporation that is a dealer shall carry on business as a dealer unless every director or employee who is accredited to the corporation is registered as a dealer under this Ordinance. (3) No firm that is a dealer shall carry on business as a dealer unless every partner or employee who is accredited to the firm is registered as a dealer under this Ordinance. (4) Subsection (1) shall not apply to- (a) a person who trades otherwise than as agent in commodity futures contracts only through a dealer registered under this Ordinance; (Amended 54 of 1980 s. 2) (b) to any trading in commodity futures contracts on a commodity exchange referred to in section 3(a), (b) or (c) of the Commodity Exchanges (Prohibition) Ordinance (Cap. 82); (Amended 54 of 1980 s. 2) (c) to a person who trades in commodity futures contracts on a commodity exchange which was in operation on 20 June 1973 as a member of such commodity exchange. (Added 54 of 1980 s. 2) (5) Any person who contravenes this section shall be guilty of an offence and shall be liable- (a) on conviction upon indictment to a fine of $500,000 and to im- prisonment for 5 years and, in the case of a continuing offence, to a further fine of $10,000 for each day during which the offence continues; and (b) on summary conviction to a fine $50,000 and to imprisonment for 1 year and, in the case of a continuing offence, to a further fine of $1,000 for each day during which the offence continues. (Amended 54 of 1980 s. 2; 35 of 1982 s. 2) (6) Any futures contract made by any person, whether as principal or agent, who is required to be registered under subsection (1) and who is not registered as so required, may be rescinded by any other party to the contract Page 15i

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CAP. 250]

Commodities Trading

[1989 Ed.

PART IV

REGISTRATION OF DEALERS, COMMODITY TRADING ADVISERS

AND REPRESENTATIVES

26. Dealers to be registered

(1) Subject to subsections (2), (3) and (4), no person, whether as principal or agent, shall--

(a) carry on a business of trading in commodity futures contracts; or (b) hold himself out as carrying on such a business,

unless such person is registered as a dealer under this Ordinance.

(2) No corporation that is a dealer shall carry on business as a dealer unless every director or employee who is accredited to the corporation is registered as a dealer under this Ordinance.

(3) No firm that is a dealer shall carry on business as a dealer unless every partner or employee who is accredited to the firm is registered as a dealer under this Ordinance.

(4) Subsection (1) shall not apply to-

(a) a person who trades otherwise than as agent in commodity futures contracts only through a dealer registered under this Ordinance; (Amended 54 of 1980 s. 2)

(b) to any trading in commodity futures contracts on a commodity exchange referred to in section 3(a), (b) or (c) of the Commodity Exchanges (Prohibition) Ordinance (Cap. 82); (Amended 54 of 1980 s. 2)

(c) to a person who trades in commodity futures contracts on a commodity exchange which was in operation on 20 June 1973 as a member of such commodity exchange. (Added 54 of 1980 s. 2) (5) Any person who contravenes this section shall be guilty of an offence and shall be liable-

(a) on conviction upon indictment to a fine of $500,000 and to im-

prisonment for 5 years and, in the case of a continuing offence, to

a further fine of $10,000 for each day during which the offence continues; and

(b) on summary conviction to a fine $50,000 and to imprisonment for 1 year and, in the case of a continuing offence, to a further fine of $1,000 for each day during which the offence continues. (Amended 54 of 1980 s. 2; 35 of 1982 s. 2)

1964_COMMODITIES_TRADING_ORDINANCE — Page 15

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