1989 Ed.]
Commodities Trading
[CAP. 250
15
who, upon so doing, shall be entitled to recovery of any money or other thing he may have paid or delivered under the contract.
(7) In this section "futures contract" includes a futures contract (or a contract represented as being a futures contract) in respect of an item, whether or not capable of being delivered, which is prescribed by the Commission for the purposes of this definition. (Replaced 61 of 1985 s. 10)
27. Commodity trading advisers to be registered
(1) Subject to subsections (2) and (3), no person shall-
(a) for remuneration carry on a business of advising any other person concerning the purchase or sale of futures contracts;
(b) for remuneration as part of a regular business issue or circulate analyses or reports concerning the purchase or sale of futures contracts;
(c) for remuneration pursuant to a contract or arrangement with a client, undertake on behalf of the client the management of a portfolio of commodities or futures contracts, including the arranging of purchase, sale, exchange or storage of commodities; or (Amended 61 of 1985 s. 11)
(d) hold himself out as carrying on the business referred to in paragraph (a),
unless such person is registered as a commodity trading adviser under this Ordinance. (Amended 10 of 1989 s. 65)
(2) Subsection (1)(a) shall not apply to the giving of advice concerning the purchase or sale of futures contracts by a dealer to his client, if such activity is incidental to his carrying on business as a dealer.
(3) Subsection (1)(a) and (b) shall not apply to the proprietor or publisher of, or contributor to, a publication that is generally available to the public otherwise than on subscription who only in that publication advises other persons concerning the purchase or sale of futures contracts, or issues or circulates analyses or reports concerning the purchase and sale of futures contracts, not being a proprietor or publisher of, or contributor to, a publication whose principal or only object is to advise others concerning the purchase or sale of futures contracts, or to issue or circulate analyses or reports concerning the purchase and sale of futures contracts. In this subsection "publication" means a bona fide newspaper, magazine, journal or other periodical publication.
(4) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine of $20,000 and, in the case of a continuing offence, to a further fine of $200 for each day during which the offence continues. (Amended 54 of 1980 s. 5)
1
1989 Ed.]
Commodities Trading
[CAP. 250
15
who, upon so doing, shall be entitled to recovery of any money or other thing he may have paid or delivered under the contract.
(7) In this section "futures contract" includes a futures contract (or a contract represented as being a futures contract) in respect of an item, whether or not capable of being delivered, which is prescribed by the Commission for the purposes of this definition. (Replaced 61 of 1985 s. 10)
27. Commodity trading advisers to be registered
(1) Subject to subsections (2) and (3), no person shall-
(a) for remuneration carry on a business of advising any other
person concerning the purchase or sale of futures contracts;
(b) for remuneration as part of a regular business issue or circulate analyses or reports concerning the purchase or sale of futures contracts;
(c) for remuneration pursuant to a contract or arrangement with a client, undertake on behalf of the client the management of a portfolio of commodities or futures contracts, including the arranging of purchase, sale, exchange or storage of commodities; or (Amended 61 of 1985 s. 11)
(d) hold himself out as carrying on the business referred to in
paragraph (a),
unless such person is registered as a commodity trading adviser under this Ordinance. (Amended 10 of 1989 s. 65)
(2) Subsection (1)(a) shall not apply to the giving of advice concerning the purchase or sale of futures contracts by a dealer to his client, if such activity is incidental to his carrying on business as a dealer.
(3) Subsection (1)(a) and (b) shall not apply to the proprietor or publisher of, or contributor to, a publication that is generally available to the public otherwise than on subscription who only in that publication advises other persons concerning the purchase or sale of futures contracts, or issues or circulates analyses or reports concerning the purchase and sale of futures contracts, not being a proprietor or publisher of, or contributor to, a publication whose principal or only object is to advise others concerning the purchase or sale of futures contracts, or to issue or circulate analyses or reports concerning the purchase and sale of futures contracts. In this subsection "publication" means a bona fide newspaper, magazine, journal or other periodical publication.
(4) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine of $20,000 and, in the case of a continuing offence, to a further fine of $200 for each day during which the offence continues. (Amended 54 of 1980 s. 5)
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