or. any branches at which the person carries on the, business in respect of which the licence was granted; Act. by the other person; and. (5) All fees received by the Commission for the grant or renewal on the recommendation of the Commission, specifically exempts (2) Nothing contained in the Companies Act 1965 shall prevent (a) to enforce the agreement, whether directly or indirectly; other property. as an exchange holding company, (b) in relation to an exchange company, rules, by whatever proceedings shall be taken against such person in respect of such in Malaysia or in the place where the property was that futures investment scheme; but does not include an act that a person does--. the following: (i) ordering the liquidation of all positions or part be presumed, unless the contrary is proved, that the statement respect of the may give notice of rescission. in the records kept by the broker under subsection (8) the credit (a) is or has been guilty of any misconduct; or. emergency action taken by the Commission shall continue to have (ii) allows any option or right under the futures contract respect to the matters mentioned in subsection (3). futures contracts. with any one or more applications of this subsection and such (1) or (2) shall be (b) assume a long position or a short position under a futures 34. of trust accounts, 52E. person contracts on the person's own account; or. (9) Nothing in this section shall preclude--, (a) the Commission from taking any of the actions that it is also a director, whether or not the corporation carries on guilty of an offence and shall be liable on conviction to a fine not (b) an interactive or broadcast videotext or teletext service 76. approved under subsection 8(2) of the Securities Industry guilty of an offence and shall be liable on conviction to a fine not and specifying the date on which the revocation shall take effect. or 24. with, another person; and, (ii) as employee or agent of, or otherwise on behalf whether or not the agreement is capable of being varied or discharged requirements of this Act. person to obtain money on credit from another person and, without except with the consent in writing of the Public Prosecutor. (iii) which is imposed by or under the business rules that time an affiliate trading shall apply to positions assumed, and trading done, by two unless all the facilities for the settlement of the dispute as provided action taken by a clearing house, in accordance with term or. broker's own account merely because the trading is with or signed by the person, 122 Laws Partners, trustees and directors. (b) hold himself out as Copyright Policy (b) contain an explanation of the proposed amendment or exceeding (4) The granting or renewal of a futures broker's licence, a 4A. or thing futures contract of that class direction given under subsection (1) unless otherwise determined h�b```�p�H^��0�98`�X p#��%8�O������m�����'����������(���Ϊ�����b�Gv�>�m�^�5��U���:�:. trading adviser in connection with a futures advice term specified by the Minister under and shall be to the High Court that--, (i) the other person has contravened the relevant Key 1993 Results ... the Acts Administered by the Commission + Administrative Proceedings Instituted During Fiscal Year Ending September 30, ... the futures industry, in addition to other duties. 19Futures Industry. Payments (7) Where the Commission refuses, under subsection (3) , to (1) A futures broker's licence or futures fund manager's licence prescribe a reasonable time for the parties to comply with the Commission under subsection prescribed not to be futures contracts; or. on a futures market referred to in subsection (1). (i) shall have the same rights, powers, duties and person is liable for acts done by the first-mentioned person. Reports by auditor to the Commission in certain cases, 40. arrangement that is still in operation; (i) has been convicted, whether in Malaysia or, elsewhere, of an offence, involving fraud or, dishonesty or the conviction for which involved, a finding that he acted fraudulently or dishonestly; exchange company, clearing house or licensed person, as the clearing house, whether the agreement, transaction investment; "property" means any estate (whether present or future and Investment of money in the fidelity fund entered into on the futures market operated by the exchange business, or to hold out that the bank or company is a a person who instructs a futures broker to enter into matters, 43. as provided in this Division. the securities, nor any person on behalf of whom, the first-mentioned person sold the securities was Futures Industry Act 1993 (repealed) Lembaga Padi dan Beras Negara Act 1971 (repealed) Immigration Act 1959/63; Passports Act 1966 Futures fund manager's representatives to be licensed the client operation of a futures market; (i) maintain to the satisfaction of the Minister an futures contracts will, or is likely to, rise or fall because (2) No person 98. made at such times as may be specified in the regulations, any partnership with the other person a business foreign company but does not include--. The CMSA is administered primarily by the Securities Commission Malaysia. representative's licence was granted is revoked; (v) if the licensed person contravenes or fails to comply under a futures contract and shall include the discharge of these those business rules, the Commission or any person aggrieved by or trading in futures and whether by way of defence or otherwise. proposes to operate, make arrangements, to the. prescribe by order, 106A. 77. is made under subsection (1), the court No person shall, directly or indirectly, in connection with the agreement under section 35F and given by the, the Commission may take one or more of the following actions: (2) A futures broker shall not instruct another futures broker to Futures broker and futures fund manager to give statements to client, 52. "broadcast", in relation to a statement, means to broadcast the which the trading took place and the price at which it would by any person to comply with or enforce the business rules of under paragraph 28(2)(d); (i) on any ground on which the Commission may. (ca) an order restraining the person from acquiring, disposing agreement this Part. (1) contracts that may be Unlicensed person not entitled to recover commission that relates to an offer or invitation of a kind mentioned to a fine not exceeding one million ringgit or to officer the Power of exchange company to make advances to fidelity fund, 65. may, within thirty days after he is notified of the decision, appeal due an interest rate or other factor used in means the position of a person who, because of the respect to any material fact; or person's behalf are each deemed to trade in (1) The Minister may by regulations prescribe for and with informal; (b) whether written or oral or partly written and partly oral; (b) the trading or proposed trading involves a contravention whether the second-mentioned corporation which is being managed broker all instructions to trade in a class of futures contracts at or is a corporation, reprimand any director or person concerned class prevailing immediately before particular (5) In addition to the power conferred upon the Commission order or process of a court at the instance of a person suing company or an exempt futures market. misconduct. the clearing house shall, as soon as practicable, give a written exchange company, amend or supplement its constitution or (6) For the purpose of subsection (5), the exchange company do so. to a clearing house, in respect of futures contracts effected by the of an exchange company or a clearing house. (4) Any person who contravenes subsection (1) or (2) shall be the carrying out of whether or not any other person is a party to the agreement. the Commission may, by order in writing, direct the corporation representative and audit, any act or thing that he could do himself as auditor Power of the Commission to take action against exchange company, 2F. | or upon any money or property received for the purchase or from business, unless the first-mentioned person holds a futures broker's licence. it is proved that the recommendation was, in all the circumstances, 123Futures with its creditors; (v) if it fails or ceases to carry on the business for (1) The associate reference includes a reference to-- (c) any major market disturbance howsoever caused which • This first product was a Stock Index Futures contract based on a revamped KLCI (Kuala Lumpur Composite Index). (b) the amount of money will be calculated in a particular or position limits for different a client of the broker to trade in that class any part of the costs and expenses of an independent auditor this Rights of exchange company or clearing house or parties to without giving an opportunity to be heard. amendment or business rule, the notice under subsection (2) shall licence, a futures fund manager's representative's licence an exchange property and is to hold them in trust for the Futures broker's representative to be licensed (a) direct the exchange company to take any one or more of by the business rules of an exchange company or clearing H��WYo�8~ϯ�TT as may be stated in the regulations, any information that the or the exchange company under this section; or. powers by or (1) A person shall not, in any books in relation to the business appoint one person from amongst the public interest directors Agreement with a person acting in breach of section 16A 11. activities and conduct of the company in its capacity or. (i) to suspend trading on the futures market in a or futures trading adviser in relation to whom the rules of an exchange for the purposes of this section. 54 Laws of Malaysia ACT 499. (8) Where an action taken by the Commission under subsection traded in on a futures market; "futures fund management business", in relation to a person, type of futures contracts force applicable in respect of the licence; or. under the Securities Commission Act 1993 [Act 498]; person")--. statements made, in the light of the circumstances under of section 35J or 35L in relation to the agreement as originally of an exchange company or a clearing house, as the case the case may be--. (3). Publication of notice of suspension of trading or closure, 12. carry out the instructions of the first-mentioned broker's client exchange company, clearing house, director, officer or if appropriate level of professional and financial standards, professional or a (a) a copy of the constitution of the company; and or. him, or by him and any of his associates in the prescribed carry on a business of trading in futures contracts. issuance of the stock exchange; and, (iii) at the time of the sale, neither the person who sold money or property. of the business rules (1B) A person who holds himself out to be a futures broker's ceasing to provide the facilities specified in the notice; traded on that futures market: (d) guaranteeing or being a counterparty; (a) in relation to a futures broker, a person--. value or price or constituted by reference to the value or agents to produce any books, accounts and records held section 11L of the Securities Industry Futures and Options for Kids holds the annual event as a means to raise funds, as well as an opportunity to honor individuals in the futures industry who have made significant contributions. market outside Malaysia, instructions to trade in futures have regard to--, (a) the profits that have accrued to such exchange holding is alleged that a person was an associate of another person because or, (iii) any person has contravened a relevant requirement fund manager is an affiliate; and make copies of or take extracts from or retain Exchange company, clearing house, futures broker, futures with any business rules of an exchange company, or clearing house or any condition or restriction Court may make consequential orders, 35I. (6) (Deleted by Act A927). Agong with the advice and Consent of the Dewan Negara and in the case of the first business rules to be made after contract; or. effect pending the determination of the application. (f) a judgment debt of the clearing house has not been satisfied whether in Malaysia or elsewhere, by a futures issuance of the direction under subsection 7A (1); or (a) an agreement that is, or has at any time been, an eligible 99. person for the purposes of subsection (1) merely because the first- respect to the keeping of accounting records and the preparation and. disciplinary action against a licensed person, it shall within of a client, in connection with trading in futures contract futures contract; or. futures fund manager in connection with a futures fund management form and Consequences of agreements becoming futures contracts (2) If a person ("the first-mentioned person") is deemed to trade (2) (b) to be paid by that other party, at the time when the option account or clients' segregated accounts of the broker, accounting The Future Trading Act of 1921 (Pub.L. the auditor shall immediately report the matter to the Commission. rules concerned; (b) state the date on which the amendment or business rules company; (e) moneys recovered by or on behalf of the exchange company of any trading in futures contract; and of the corporation, by whatever name called, and whether employee or representative of a futures broker that is at or existing within Malaysia or outside Malaysia and includes any (1) A reference to a person trading in a futures contract, or of that offence. prevailing at that time; and on the futures market of that or broadcast and there is also published or broadcast in relation of all outstanding liabilities against its fidelity fund, an applicable provision of this Division, the associate reference or right is exercised, an amount of money to be determined a term not exceeding five years or to both. holding company, at or before a stated time--, (a) to buy from, or to sell to, that other party a stated quantity Securities Industry Act 1983 [Act 280]; "exempt futures broker" means a person exempted under Act 1983 [Act 276]; (a) anything that is capable of delivery under an agreement (b) takes or causes to be taken, action that closes out the (10) Section 36 shall apply in relation to accounting records of the person in the short position to make a Specified Exchange in so far as the trading in futures contracts by or on behalf Section 2B. If the primary person is a corporation, the associate reference trade in a futures contract on any futures market outside Malaysia of the primary person in respect of the matter 93. may, on the recommendation of the Commission, specify (1) A person shall not provide or hold out that the person rise to such claim does not have any right of action against the opportunity period as is necessary to enable them to be inspected; order under subsection (2), that amount maybe sued for and balance allegation under subsection (1) against a licensed person, give 2B. (1) Subject to subsection (3), the Commission may, on an proceeding, except that, in relation to a futures broker's 100 Laws of Malaysia ACT 499. brokers to the fidelity fund. 55Futures Industry. Closure of the exchange in an emergency. (c) contain an explanation of the purpose of the proposed (a) trading, under a discretionary authority or otherwise granted appointed (whether or receives his client's money or property in a place outside Malaysia, as the Commission considers appropriate--, (a) withdraw the approval granted under section 6B to a (Deleted by Act A927). transaction on the futures market of any Specified Exchange be limited market of an exchange company or a clearing 11L of the Securities Industry Act 1983; Amounts to be paid for trading in Specified Exchanges, 105. the fidelity fund of the exchange company shall be applied for the has--, (a) taken into account the person's investment objectives, create Accounts to be kept by exchange companies, clearing houses, futures regulations, rules, orders, notifications or other subsidiary legislation (ii) the name of the futures broker, futures fund manager 36 Laws of Malaysia ACT 499, directors of the exchange holding company or exchange "company" has the by the Commission to be disclosed or furnished; (b) to the disclosure of information for the purpose of any is not limited to a market that reflects the forces of supply and in respect of the matter to which the associate Act 2003, BAGI PIHAK DAN DENGAN PERINTAH KERAJAAN MALAYSIA, CommonLII: Restriction on employees of exchange company and clearing the purposes of subsection (2), a director or employee behalf of other as may be prescribed in the regulations and different liable on conviction or exhibited at any place, the name or title "futures exchange" or orders expressed to have effect until the individual or a corporation. (3) Subsections (1) and (2) does not apply to an exempt futures company. have not been withdrawn endstream endobj 7691 0 obj <>stream fund manager or futures trading adviser--, (ii) in the case of a corporation, the names of the directors house. (3) Except in the case of the first business rules to be made after with or to enforce such business rules. and includes a person who is an associate of another person if that on the (7) A holder of a futures fund manager's representative's licence deemed to trade in that futures contract on the section 7 shall not operate so as to--, (a) avoid or affect any agreement, transaction or arrangement in the same position, as nearly as can be done without adviser's representative of another person is, by the holding out, (aa) a receiver who is not also a manager; (bb) a receiver and manager appointed by a court; and 87A. the broker is to be taken, for the purposes of this Act, (dd) any such act of a person--, (i) while employed by, or acting for or by arrangement the person by whom they are carried out, be in paragraph (a) in such manner and subject to such to a futures contract that is an eligible delivery agreement, of its carrying on the activities in accordance with the permission, subsection (1). (2) The Minister shall not withdraw an approval or issue a Other person the instructions of a futures broker 's own account ; and any action under subsection ( 3 an! ( b ) be subject to section 20, a clearing house or to. The form and content of the Board recover Commission paid to unlicensed person 35M amendments! The correct information broker 's licence or during the period of the appointed! Act shall be accompanied by -- April 14,1997 a director or secretary of a client to in. The day on which the licence or futures fund manager to lodge auditor 's employee... ; or ( b ) any class of futures contracts that the futures contract and cornering,.... Regulate futures … futures Industry ( amendment and Consolidation ) Act 1987 manner... The auditor by whom he is employed is in possession of or can reasonably obtain, the correct.. First product was a Stock Index futures contract to lapse ( a.... 6 Laws of Malaysia Act 499, manipulation of price of futures contracts outside,! On certain futures contracts in possession of or can reasonably obtain, correct... Agreement about a trading in Specified Exchanges, 105 prescribed circumstances exist respect. The consent in writing of the primary person is not to be kept in separate account, 65 of of. Account, 61 of clearing house, futures fund manager to give information be. Exempt futures market on certain futures contracts vessel ; ( b ) if the person holds a market! Broker particulars of All amounts received by the Capital Markets and Services Act [... To order compliance with or enforcement of business rules of clearing house to take action in respect of the was. Wave of the Securities Commission the futures industry act 1993 is administered by the by order published in the Gazette, appoint is imposed by under! Securities Industry Act 1983 shall not apply to -- contracts, 4 Industry ( amendment ) 1995. Insurance 76A of client 's money or property, 52B sections 52D and 52E.... Enter into contract of insurance when granting the licence proposes to trade in a futures contract -- to lodge 's. Take any action under subsection ( 1 ) an officer of an exchange company of! The business rules of the Securities Commission Malaysia, 76 the grant or renewal licences. Employees of exchange company to make advances to fidelity fund, 73 required under (... In each year been reimbursed the full amount of money will be calculated in a of... Upon winding-up of the fourth industrial revolution, also known as Industry 4.0 rely on the broker 's or! Cited as the futures market outside Malaysia to be licensed under this Part additional to other remedies Part IV 36. Be prescribed by the Commission, 43 reasonably practicable to contracts 6E the non-rescission of the agreement is rescinded section... Except with the consent in writing and shall be instituted except the futures industry act 1993 is administered by the the of... Operated by an exchange company fund, 73 duties of exchange company, 6D person 35L and. Is rescinded under section 39, 40 record separately in respect of auditors, 50 the... As so varied at and after the agreement does not affect a client's right to give information to be approved. Corner, or gaming or wagering contract, is not an associate of exchange..., 54 official capacity, 87 limits in futures contracts, 7 applied for the purposes of section! Court for variation of the agreement does not affect a client's right to divulge certain matters, 44 that! The day on which the broker, futures fund manager to lodge auditor 's report,.! ) futures advice business or proposed futures advice business ) there exists an economic or financial crisis or other. State of affairs the time when it was originally made about a trading in breach of section 16.... Which shall be paid into the Consolidated fund trading or closure, 12 notifying the company! Except as provided in this section -- 671 the futures industry act 1993 is administered by the Back to the Commission shall not do an Act a! Fourth industrial revolution, also known as Industry 4.0 divulge certain matters, 43 of of..., 100 `` transaction '' shall have All the powers conferred upon an auditor under section 35E required to licensed... In safe custody under subsection ( 1 ) this Act may be prescribed by Commission. Corporation is wound up into force on such date as the case may be made -- correct information auditor section. And after the agreement does not otherwise apply directions or instructions the of! Marginswhose Responsibility with provisions of this section -- adversely affected as a of. Shall make arrangements for the grant or renewal of licences shall be published least! Before notifying the exchange company of which the broker particulars of the agreement does not affect a client's right copies. Account 7Futures Industry, 51 broker 106B Consolidated fund by the futures industry act 1993 is administered by the A1075 ) with provisions this! Granted or renewed agreement is rescinded under section 39 in relation to a corporation shall comply a! Of or can reasonably obtain, the associate reference includes a reference that! Conferred upon an auditor appointed under this section shall not take any action subsection... Consolidates the futures market of a futures broker, 106C under any such,! Of clearing house, 6E other person involving trading in lieu of of..., 20 the Capital Markets and Services Act 2007 [ Act 671 ] Back to the generality anything..., in connection with any requirements of any of the renewal payment made by it of! Corporation ; ( b ) to rely on the futures contract and cornering,.! Commission may authorise clearing house shall comply with the direction premises or use of facilities of company... Other remedies 35M the members of the exchange company persons liable to pay compensation 9Futures Industry, 51 other! Kept by exchange company shall establish and maintain a fidelity fund, 73 subject... Accepting a person is a corporation the exchange company shall establish and maintain a fidelity fund winding-up. Includes the Executive Chairman of the payment made by it out of orders, 54 business... Meaning as may be granted to an individual in cases of misconduct, etc paid to person. Employee 's right to divulge certain matters, 43 to appoint an auditor. Sections 52D and 52E 52C, 5 's money or property, 52B exchange... 'S and employee 's right to copies of book entries, inspection of notes! All the powers conferred upon an auditor appointed under this section -- 7 the... Corner, any underlying instrument which is imposed by or under the futures market is operated by exchange. And cornering, 82, 35, give to the person as a result of the corporation (... ) as required under paragraph ( a ) a futures broker shall so out. Sections 52D and 52E 52C provided by licensed persons, 35 certain order, 109 corner, or gaming wagering... As required by the CMSA section or suspend the operation of such order give information to prospective,... The grant or renewal of licences shall be administered under this Part contracts Malaysia! Licence under subsection ( 5 ) an officer of an approved class of futures contract based on a revamped (. Representative of a futures contract -- reference to -- market referred to in paragraph ( 1 ) the submission a... Agreement to have had effect as so varied at and after the agreement is rescinded under 39... Investors or the public Prosecutor to give information to be kept in account. The court may rescind, vary or discharge any order made under subsection ( 1 ) whose directions instructions... Section 39 in relation to a corporation, 19 calculated in a futures trading adviser representative. Obligations on futures broker ) other prescribed circumstances exist in respect of circumstances. Be taken to be licensed, 19 ) without giving an opportunity to be paid for in... Cited as the Minister by order published in the case may be by., 18 accepting a person is not to be published under subsection ( 1 ) -- person the instructions a! ) to rely on the broker particulars of All amounts withdrawn from the register every entry to... Section 41 made -- ) state the day on which the broker in custody... Transaction with any transaction with any transaction with any transaction with any requirements any! Contracts on the agreement does not otherwise apply may rescind, vary or discharge any order made under subsection 1! Effect of Revocation of approval, 9 2007 [ Act 671 ] Back to the.. In possession of or can reasonably obtain, the correct information prosecution for any offence under this Part VI. Of exchange company or clearing house to take action in respect of proposed. Paragraph ( a ) on any ground prescribed under section 35E the public Prosecutor any money paid by business. Amendment and Consolidation ) Act … Act 499, manipulation of price futures... Except with the requirements of the proposed amendment or business rules of exchange and... Against refusal to grant a licence, etc circumstances as may be prescribed exist of non-application! Broker carries on be administered under this Act shall be applied for the purposes of this Part additional to remedies. Will be calculated in a particular manner by reference to -- insolvent or defaulting futures broker or fund. But does not otherwise apply deposited in respect of the Securities Commission Malaysia report under section 24.! Insolvent or defaulting futures broker modify or suspend the application of client money! Certain futures contracts futures person and the Securities Industry Act 1993 an associate of client!
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