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Maintenance of books and records and furnishing accounts, etc., by futures trading adviser and futures pool operator

Futures Trading Act

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Every futures trading adviser and futures pool operator shall cause to be kept such books and records and file such reports, in such form and manner, as may be prescribed by the Authority.(2) Every futures trading adviser and futures pool operator shall make full and complete disclosure to their subscribers, customers or participants of all open futures market positions and all open positions in foreign exchange trading and leveraged foreign exchange trading taken or held by the futures trading adviser or futures pool operator on their behalf or if a corporation by any director, manager or employee of the corporation, directly or indirectly.(3) Every futures pool operator shall furnish to each participant in his pool operations —(a)statements of account at such periodic intervals as the Authority may prescribe; and(b)an annual report.(4) Such statements and annual report shall be in such form and manner as may be prescribed by the Authority and shall include complete information as to the current status of all trading accounts in which such participant has an interest.(5) Any person who, without reasonable excuse, contravenes subsection (1), or who knowingly or recklessly furnishes any information under subsection (2) or (3) which is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.(6) The provisions of this Part relating to the appointment of an auditor whether by the Authority or otherwise, removal of an auditor by the Authority, and powers and duties of an auditor and the filing of an auditor’s report shall, with the necessary modifications, apply to a Futures Exchange, a clearing house, a futures trading adviser and a futures pool operator as they apply to a futures broker under this Part.

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